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This is a discussion on colmex within the Spread Betting & CFDs forums, part of the Commercial category; Originally Posted by Colmex IB Cyprus has turned the financial services industry around in the past few years, Colmex nor ...

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Old Apr 30, 2015, 3:04pm   #25
Joined Jul 2013
Quote:
Originally Posted by Colmex IB View Post
Cyprus has turned the financial services industry around in the past few years, Colmex nor its cliemts were affected during the crisis as the majority of funds were held in HSBC London. Further the Investor Compensation Fund is a Government scheme that insures non-professional investors up to €20,000 in the event of the failure of the broker. If you would like further details please feel free to contact me deane@colmex.com
Thanks for the heads-up. I've always been very wary about using a non-UK broker. There seem to be plenty of new FX firms comign out of the woodwork in Cyprus at the moment, makes me nervous.

I find there's seldom much between them in terms of spreads, so I tend to stick with UK brokers for security. Better the devil you know, eh?
Hate2Lose is offline   Reply With Quote
Old May 11, 2015, 2:54pm   #26
 
1 Posts
Joined May 2015
I am having the same experience, need info!

Hi there,

We also started an account with Colemax pro about two months ago. As soon as we started trading, they kept changing the rates/fees. Meanwhile we started making good trades and everyday with positive trade results, they would keep increasing our fees. Eventually they raised the fees to a point that we could not do reasonable trading with them, thus we requested pay out. It's about 12 days and they are not paying back the money. We started the account with 5k and took it to 28k, they re-adjusted the trades and applicable fees to 21k after our pay out request and even then they are not paying. What did you get at the end? Did they pay you some money at the end? What did you do?

Please share as we are feeling really frustrated and looking for our options to deal with them.

Many thanks,

Nomi



Quote:
Originally Posted by cj trader View Post
I can offer you this experience, as I was involved with this broker.
Firstly the commissions offered at time of signup never did materialize, even after persistent nagging emails.
I used the Colmex Expert platform for months, trading minimal size and paid them their min. amount per side. Basically trying out different stragedies, with the feel of the market. So I paid them a wack of money in commissions over many months.All profits from the trades were eaten up with the commissions.I was trading CFD's
My account was around 10k, and they were offering 12 to 1 margin. Much above the typical 4 to 1, but it came with a price.
As I got confidence in my setups and trading I started to increase my size and frequency. I
worked up my account to over 50k. Unbeknowing to me, they apparantley did not like the way I was trading. When I went to withdraw my funds, they froze my account for over a week as they reviewed all the trades, in the end they reversed all the trades they didnt like, and put the account minus 50k.
I can tell you I made all trades with a mouse(no automation and used a IOC Limit order at my price of choice). The platform filled most of my orders as requested.
I have paperwork showing my account over 50k, before Colmex went in and manipulated all the trades to their choice of prices.
I would not recommend anyone to use this broker!!!
Nomibee is offline   Reply With Quote
Old May 11, 2015, 4:13pm   #27
Joined Jan 2006
Quote:
Originally Posted by Nomibee View Post
Hi there,

We also started an account with Colemax pro about two months ago. As soon as we started trading, they kept changing the rates/fees. Meanwhile we started making good trades and everyday with positive trade results, they would keep increasing our fees. Eventually they raised the fees to a point that we could not do reasonable trading with them, thus we requested pay out. It's about 12 days and they are not paying back the money. We started the account with 5k and took it to 28k, they re-adjusted the trades and applicable fees to 21k after our pay out request and even then they are not paying. What did you get at the end? Did they pay you some money at the end? What did you do?

Please share as we are feeling really frustrated and looking for our options to deal with them.

Many thanks,

Nomi
Another one poster with an agenda, still, I guess things are getting a little bit uncomfortable for the Colmex representative. No one in their clear state of mind would start trading with them upon reading this until it is cleared up. They need to make some kind of some statement on this thread.
gle101 is offline   Reply With Quote
Old May 11, 2015, 10:18pm   #28
Joined Sep 2011
Quote:
Originally Posted by cj trader View Post
I can offer you this experience, as I was involved with this broker.
Firstly the commissions offered at time of signup never did materialize, even after persistent nagging emails.
I used the Colmex Expert platform for months, trading minimal size and paid them their min. amount per side. Basically trying out different stragedies, with the feel of the market. So I paid them a wack of money in commissions over many months.All profits from the trades were eaten up with the commissions.I was trading CFD's
My account was around 10k, and they were offering 12 to 1 margin. Much above the typical 4 to 1, but it came with a price.
As I got confidence in my setups and trading I started to increase my size and frequency. I
worked up my account to over 50k. Unbeknowing to me, they apparantley did not like the way I was trading. When I went to withdraw my funds, they froze my account for over a week as they reviewed all the trades, in the end they reversed all the trades they didnt like, and put the account minus 50k.
I can tell you I made all trades with a mouse(no automation and used a IOC Limit order at my price of choice). The platform filled most of my orders as requested.
I have paperwork showing my account over 50k, before Colmex went in and manipulated all the trades to their choice of prices.
I would not recommend anyone to use this broker!!!
holy ****
MajorMagnuM is offline   Reply With Quote
Old May 11, 2015, 10:18pm   #29
Joined Sep 2011
Quote:
Originally Posted by Nomibee View Post
Hi there,

We also started an account with Colemax pro about two months ago. As soon as we started trading, they kept changing the rates/fees. Meanwhile we started making good trades and everyday with positive trade results, they would keep increasing our fees. Eventually they raised the fees to a point that we could not do reasonable trading with them, thus we requested pay out. It's about 12 days and they are not paying back the money. We started the account with 5k and took it to 28k, they re-adjusted the trades and applicable fees to 21k after our pay out request and even then they are not paying. What did you get at the end? Did they pay you some money at the end? What did you do?

Please share as we are feeling really frustrated and looking for our options to deal with them.

Many thanks,

Nomi
holy ****
MajorMagnuM is offline   Reply With Quote
Old May 12, 2015, 12:05am   #30
Joined Nov 2014
interesting thread.....any more?
Fugazsy is offline   Reply With Quote
Old May 12, 2015, 4:33am   #31
 
4 Posts
Joined Feb 2015
Quote:
Originally Posted by gle101 View Post
Another one poster with an agenda, still, I guess things are getting a little bit uncomfortable for the Colmex representative. No one in their clear state of mind would start trading with them upon reading this until it is cleared up. They need to make some kind of some statement on this thread.
I would be more than happy to hear from Colmex as well, but that most likely won't happen. I posted my information so others can be aware of this broker's reputation.
I'm sure their are others out there with similar incidents.
cj trader is offline   Reply With Quote
Old May 12, 2015, 5:53am   #32
 
4 Posts
Joined Feb 2015
Quote:
Originally Posted by MajorMagnuM View Post
holy ****
Looks like there is more to the story. Dig deeper and you will find more trash.
Apparently Mier Barak is part of Colmex. If you search Tradenet review elsewhere you should see more reviews and issues relating to the apparent prop firm/bucket shop.
It's sounding more and more like a big scam.
cj trader is offline   Reply With Quote
Thanks! The following members like this post: MajorMagnuM
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